Income tax applicability on a society registered under state
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 April 2012
A society was registered under West Bengal Society registration Act, 1961 and obtained PAN as a AOP. Main object of the society to provide technical knowledge to the students of a college run by that society. Gross receipt for the year 2010-11 was Rs. 18 Lacs. As per Audit report for 2010-11, it was furnished in Form No. 10B of the Income Tax. Now during the year 2011-12, Gross Income was Rs. 322 lacs. My question is,whether the accounts to be audited U/s 44AB of the Income Tax Act? Secondly whether auditor have to furnish Form 10B as audit report? Lastly,whether society have to pay Income tax on the surplus or have to file Income Tax Return for the A.Y. 2012-13?
21 April 2012
Tax Audit Provisions will be applicable to the society as its turnover/ gross receipts
are exceeding than the limit prescribed.
Providing Technical Knowledge is a professional activity in my view.
.
Tax Audit Report and Form NO 10B Report, both will be required and return filing is compulsory.
.
are exceeding than the limit prescribed.
Providing Technical Knowledge is a professional activity in my view.
.
Tax Audit Report and Form NO 10B Report, both will be required and return filing is compulsory.
.
21 April 2012
Under the concept of mutuality no tax is payble by housing society but tax audit and other audit is prescribed and they have to get it done
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Applicability
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Where to show the RCM on Rent paid to unregistered landlord
- Is Aadhar PAN linking required for opening bank account?
- RCM - commercial rent paid to URP under GST
- Offsetting interest income against derivative trading losses
- TDS NUMBER SURRENDER
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- Gst Sales of FY 2023-24
- Legal heir raised refund , but refund issued to the closed account of deceased.
- My Last working day in current org is in novemebr 2024 but they are asking me to submit IT proof
- Indexation benefit applicability
- SEC 54 OF IT ACT
- Passed group 2 exams under wrong gender
- REQUIREMENT OF 15CB
- QUERY FOR RCM ON RENT
- APPEAL-CIT
- Payable outstanding for years disallowance
- Whether still royalty
- Issue of gst e invoice
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
